Getting a Loan with Bad Credit

For people with bad credit, there are two or three types of loans available to consider. The first is the secured loan. This type is designed around the borrower placing something of value into the lending formula as a form of collateral, such as an automobile, the home, or other property or real estate in the borrower’s name.

This form of security allows the lender the flexibility in claiming the collateral property should the borrower wind up defaulting on the loan.

This type of secured loan is usually viewed quite favorably within the approval process, and more than likely will yield a much lower interest rate on the loan as a result.

The second option is an unsecured loan, which, as the name suggests, is certainly much harder to acquire by virtue of there being no ‘security’ for the lender to access. In addition, the unsecured loan approval will depend heavily on the applicants past and current credit history.

The final option for people with poor credit ratings is the use of a co-signer when seeking a loan.

Personal Loans for Bad Credit

Loan Options for People With Bad Credit
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Auto Loans for Bad Credit

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Home Loans for Bad Credit

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Important Bad Credit Information

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If you are among the many Americans suffering in the throes of having bad or less-than-perfect credit scores, take comfort in the fact that you are far from being alone. While it is certainly a given that getting your credit back on an even keel is a rather long and tedious voyage, especially after having been turned down for approval time after … [Read More...]

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